TGC Industries Inc. (TGE) Posts 66% Earnings Increase for Q1

QualityStocks would like to highlight TGC Industries, Inc., (NASDAQ: TGE). The company, based in Plano, Texas, is a leading provider of seismic data acquisition services with operations throughout the continental United States and Canada.

In the company’s news yesterday,

TGC Industries announced financial results for the first quarter of 2011.

Revenues in the first quarter of 2011 increased 66 percent to $50.2 million compared to $30.3 million in the first quarter of 2010.

Net income grew more than tenfold to $5.8 million, or $0.30 per diluted share, up from $551,000, or $0.03 per diluted share, in the first quarter of 2010.

Revenues for the first quarter of 2011 were $50.2 million compared to $30.3 million in the first quarter of 2010. The Company operated seven crews in the U.S. and six crews in Canada during the first quarter of 2011 compared to six crews in the U.S. and five crews in Canada during the first quarter of 2010.

TGC’s first-quarter results include $583,000 of costs related to the merger agreement with Dawson Geophysical Company, which the company announced on March 21, 2011.

Wayne Whitener, TGC Industries’ president and CEO, said the company’s quarterly performance was mainly driven by the company’s improvement in the North American land seismic acquisition market and seasonal strength in Canada.

“The seismic acquisition market continues to improve, and bidding activity remains steady. Our backlog at the end of the quarter was approximately $49 million, comprised primarily of business in the U.S. as the seasonal Canadian market winds down. We anticipate that the next two quarters will be negatively impacted by the slowdown in Canada. We ended the first quarter with $15.5 million in cash and remain in a strong financial position, with the ability to continue to benefit from improving seismic market conditions in the U.S.,” Whitener stated in the press release.

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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.